- 14 - therefore reject petitioner’s claimed casualty loss deduction. B. Interest and Real Estate Taxes Section 163(h) denies deductions for personal interest paid or accrued during the taxable year unless it fits within certain narrowly prescribed categories. Section 163(h)(2)(D), one of those prescribed categories, allows a deduction for interest on a qualified residence. Petitioner submitted Forms 1098, Mortgage Interest Statement, to the Court for two personal residences, claiming only one-half of the reported interest as he jointly owns the properties with another individual. Because his testimony was consistent with the submitted Forms 1098, we allow the deduction for interest. We also allow the real estate taxes claimed with regard to the same properties. C. Charitable Contributions The next issue for decision concerns petitioner’s claimed deduction for charitable contributions, which respondent disallowed for lack of substantiation. Petitioner testified that the claimed contributions were “donations for AIDS, * * *, support for scholastic issues”, which were collected by individuals going “door-to-door”. Section 170(a)(1) provides that a charitable deduction is allowed “only if verified under regulations prescribed by the Secretary.” For contributions by 10(...continued) suffered, and (d) the value of the property after the repairs does not as a result of the repairs exceed the value of the property immediately before the casualty. Petitioner has also failed to prove those requirements.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011